Demand for partial retirement program at German company Schaeffler exceeds expectations

The partial retirement program launched by German supplier Schaeffler, which specializes in components for the automotive and industrial sectors, last August, attracted greater interest than the company’s management initially anticipated.

Klaus Rosenfeld, the company’s CEO, said on Monday at the firm’s headquarters in Herzogenaurach, southern Germany, that 1,800 employees born in 1971 or earlier had so far accepted the offer, surpassing the company’s initial target of 1,300.

In the same context, Rosenfeld stated that Schaeffler’s 2024 initiative, which aims to voluntarily eliminate 4,700 positions by 2029, is also progressing faster than planned. He noted that by the end of September, 3,715 jobs had been eliminated under the program. Rosenfeld added that the target is now expected to be reached by the end of 2028, one year ahead of schedule. He pointed out that contractual agreements have already been signed for the remaining 985 positions slated for elimination.

Rosenfeld said the financial savings the company hopes to achieve from these measures, amounting to 290 million euros, will likely exceed the target by 20%. The company had initially set aside approximately 500 million euros for restructuring costs, and given these developments, it is now possible to recover 84 million euros from these provisions.